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Monash University Malaysia Launches MIDA-Approved R&D Status Company

University Industry Collaboration: A Catalyst in Powering an Innovation Economy’.

Kuala Lumpur, 8
December 2017 – To create a bridge
between academia and the industry, Monash University Malaysia has launched its
subsidiary, Monash Malaysia R&D Sdn Bhd (MMR&D) in an event titled ‘University Industry Collaboration: A Catalyst in Powering an Innovation
Economy’.

As
an approved R&D status company by Malaysian Investment Development Authority
(MIDA), MMR&D strives to influence and impact organisations in Malaysia to
invest in research and development that will enable Malaysia to be an
innovation-driven economy. Additionally, it aims to develop and provide
leading-edge research and development expertise to industries and organisations,
to discover innovative solutions that enhance their global competitiveness.

The
launch of MMR&D is timely as the 2018 Budget announcement indicated that
the allocation for research, development and commercialisation is almost
doubled to RM400 million from RM235 million in 2017. This shows that there is a
need to intensify research and development (R&D) within the nation.

“If we want to progress, we need to
constantly enhance our capabilities to innovate. The best way to innovate is
through R&D. We are pleased to be a MIDA approved R&D
Status company as it puts us in good stead, giving us the opportunity to work
with SMEs, MNCs, GLCs and other players in Malaysia,” said Professor Mahendhiran Nair, Chief Executive
Officer of MMR&D.

“MMR&D
is one of the 5 Private Higher Education Institutions of Malaysia that has been
granted R&D Status by MIDA. As of June 2017, MIDA has approved a total of
179 projects for incentives to undertake research and development activities,
with a total of RM2.84 billion of investments that have generated more than
6,300 employment opportunities for the industry. Companies across a wide range
of industries in Malaysia stand to gain from the R&D expertise offered by
MMR&D. We urge more companies, particularly the small and medium sized
companies to leverage on R&D establishments like MMR&D and explore new
areas of growth,” said Dato’ Azman Mahmud, Chief Executive Officer of MIDA.

“The
Government’s institutional structure supports the country’s thrust for
innovation and R&D at the highest levels. We have a strong manufacturing
industry base which is under pressure to move up the value chain trying to
increase competitiveness. Therefore, collaborations with R&D institutions
are important and necessary. MIDA remains committed to bridge the gap between
academia and industry. We will continue to facilitate, support and assist companies
and academia in their R&D ventures towards bringing positive spill-over
effects to the industrial ecosystem,” he added.

Companies that appoint MMR&D will receive a
double deduction on non-capital expenditure for research and development. This
includes cash contributions, donations and payments for research. There will
also be creation of IPs, patents, trademarks and other commercialisation
opportunities. Apart from these, MMR&D will also offer workshops and
training for industry and organisations in technical and non-technical areas.

According to Professor Mahendhiran, “MMR&D will
provide STEM related testing, industry-linked PhD programs, internships, work
placements and experiential learning opportunities to create the next
generation of talent for the economy. This in turn ensures that there is continuous
growth of corporate R&D and innovation in the country.”

Companies
that choose to engage with MMR&D should be able to see the creation and
improvement in their innovative capability and business model. In the long run,
this will be beneficial in terms of extending the reach for resources, markets
and networks for these firms. The
engagement with MMR&D will also help firms enhance their richness in
products and services. Innovations
gained through this research can reduce cost of production, improve
productivity and enable firms to move up the global innovation value chain.